New York S 5050: Relates to the redomestication of insurance companies

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S05050 Summary:

BILL NOS05050 

&nbsp

SAME ASSAME AS A05665

&nbsp

SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §7120, Ins L

&nbsp

Amends the definition of redomestication of insurance companies to include the transfer from this state of the corporate domicile of a domestic company.

Go to top S05050 Actions:

BILL NOS05050 

&nbsp

02/18/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05050 Committee&nbspVotes:

Go to topS05050 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05050 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5050

 2025-2026 Regular Sessions

 IN SENATE

 February 18, 2025
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to the redomestication of
 insurance companies

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 7120 of the insurance law, as amended by chapter 48
 2 of the laws of 2009, is amended to read as follows:
 3 § 7120. Redomestication of [foreign] insurance companies. (a) Defi-
 4 nitions. In this section:
 5 (1) "Redomestication" means the transfer to this state of the corpo-
 6 rate domicile of an authorized foreign company or the transfer from this
 7 state of the corporate domicile of a domestic company, as provided for
 8 in this section.
 9 (2) "Transferring company" means any authorized [foreign] company
 10 seeking redomestication.
 11 (b) A transferring company transferring to this state shall:
 12 (1) file with the superintendent a certificate in such form as
 13 prescribed by the superintendent signed by the insurance supervisory
 14 official of the state where such transferring company is domiciled
 15 approving the proposed redomestication and confirming that upon redomes-
 16 tication the transferring company shall no longer be subject as a domes-
 17 tic company to the requirements of its current state of domicile;
 18 (2) comply with the applicable requirements of this chapter regarding
 19 the organization and licensing of a domestic company of the same type;
 20 (3) demonstrate to the satisfaction of the superintendent that upon
 21 redomestication, the transferring company will be in compliance with the
 22 requirements of this chapter and any regulations promulgated thereunder
 23 applicable to a domestic company of the same type;
 24 (4) submit to the superintendent all documents and filings necessary
 25 to comply with paragraphs two and three of this subsection; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04336-01-5

 S. 5050 2

 1 (5) submit new policy forms to the superintendent for use after redo-
 2 mestication, if so ordered by the superintendent, or use existing policy
 3 forms with appropriate endorsements if allowed by, and under such condi-
 4 tions as approved by, the superintendent.
 5 (c) A transferring company transferring from this state:
 6 (1) upon the approval of the superintendent, transfer its domicile to
 7 any other state in which it is admitted to transact the business of
 8 insurance, and upon such a transfer it shall cease to be a domestic
 9 company, and shall be authorized in this state, if qualified, as a
 10 foreign insurer. The superintendent shall approve the transfer unless
 11 he or she determines the transfer is not in the interest of the policy-
 12 holders of this state; and
 13 (2) may continue issuing policy forms approved before redomestication
 14 pursuant to section three thousand two hundred one of this chapter with
 15 such endorsement, if any, as the superintendent determines is needed to
 16 reflect the redomestication.
 17 (d) After the transferring company has complied with the provisions of
 18 this section, the superintendent may, in accordance with section one
 19 thousand one hundred two of this chapter issue a new license to the
 20 transferring company to reflect the change in its state of corporate
 21 domicile. The duration of its license shall be governed by section one
 22 thousand one hundred three of this chapter. Upon issuance of s